Samsung flags nearly 80% jump in Q3 operating profit

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SEOUL (AFP) – Samsung Electronics Wednesday flagged a nearly 80 percent jump in its third-quarter operating profit, which analysts put down to a weaker Korean currency and improved sales of televisions and semiconductors.

In an earnings estimate, the giant smartphone and memory-chip maker predicted an operating profit of around 7.3 trillion won ($6.3 billion) for the July-September period, up from 4.1 trillion a year ago.

The latest figure beat the estimate of 6.7 trillion won given by analysts surveyed by Bloomberg News.

“The third-quarter operating profit estimate came out stronger than expected”, Yoo Jong-Woo, an analyst with Korea Investment and Securities Co. told AFP, pointing to a weak South Korean won and higher-than-expected sales of TV and others home appliances.

A weaker won makes South Korean exports more competitive overseas and makes overseas earnings higher when converted back into the local currency.

Sales for the third quarter are expected to reach 51 trillion won, up 7.5 percent from a year ago, the company said in a statement.

Wednesday s estimate, which comes ahead of audited results to be released later this month, did not provide a net income figure or breakdown of divisional earnings.

2015-10-07

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